Singapore

SG CapitaLand posts strong first-half income

Property giant CapitaLand reported a 10.1 percent year-on-year gain in its Profit After Tax and Minority Interests (PATMI) to S$571.3 million in 1H2013, supported by higher operating profits.

The first-half PATMI could have increased 15.4 percent to S$599 million, if the one-time losses of S$27.7 million incurred during its repurchase of convertible bonds in June were excluded.

Meanwhile, the company’s Q2 PATMI dipped 0.7 percent to S$383.1 million due to lower portfolio gains. Excluding this, Q2 PATMI would have moved up 8.6 percent to S$322.1 million.

CapitaLand's overall group revenue was up 22.7 percent to S$1,844.6 million, whereby 63.5 percent came from the core markets of Singapore and China. Operating PATMI in 1H2013 was also up 43.1 percent year-on-year to S$241.3 million.

Home sales in Singapore reached 683 units valued at S$1.6 billion, while in China a total of 1,691 homes were sold at a sales value of around S$640 million.

“We delivered a healthy set of results for the first half of 2013 amidst a challenging global economic environment. With a healthy balance sheet and a strong cash position, the Group is well-positioned to seek out growth opportunities,” said Ng Kee Choe, Chairman of CapitaLand.

Going forward, CapitaLand is looking to expand its business further, focusing on the core markets of Singapore and China, said Lim Ming Yan, President and Group CEO of CapitaLand.